Mass Affluent Banking in Greater China
Summary
This report analyzes Greater China’s mass affluent market, with a focus on the mass affluents of China, Hong Kong, and Taiwan. This includes overall mass affluent market size (number of individuals) and their distribution in the region. The report provides analysis of the factors driving affluence and examines mass affluent individuals’ financial goals, banking patterns, investment preferences, and insurance preferences. The report also covers the region’s competitor benchmarking and case studies.
Emerging affluent and mass affluents make up the majority of the affluent population in the Greater China region. The population of affluents has been exponential in the last decade in the region. However, the growth is expected to slow down in the coming years as the economies mature. Despite low growth, the number of mass affluents in the region is exceedingly large, offering a huge market to the financial providers looking to cater to this segment in Greater China.
Scope
- China has the largest mass affluent population within the Greater China region primarily due to its huge population, which has also gained access to financial resources. Additionally, the highest growth within the region is expected from China in the coming years, despite economic headwinds
- The HNW individuals of the region are expected to grow at a more solid rate from 2023-27 than the mass affluents and the emerging affluents.
- The emerging affluent have always been the biggest shareholder among all the affluents of Greater China and will continue to maintain the same in the forecast years.
- Make strategic decisions using top-level historic and forecast data on Greater China’s mass affluent banking industry.
- Identify the most promising client segment by analyzing the penetration of mass affluent individuals.
- Receive detailed insights into factors driving the interests of mass affluents.
- Understand competitive dynamics by learning about existing competitors in the Greater China region.
- Executive Summary
- Market Landscape
- Banks should not expect rapid growth in mass affluent numbers going forward
- Growth drivers
- Regional breakdown
- The mass affluents in China
- The mass affluents in Hong Kong
- The mass affluents in Taiwan
- Understanding the Mass Affluent
- Mass affluents in Greater China
- Financial attitude
- Financial goals are centered on a secure retirement
- Bank websites need to be up to informative, as the mass affluent will be checking
- Banking
- Deposits
- Premium accounts
- Credit penetration
- Investment property drives the demand for mortgages in Greater China
- Product: HSBC Premier credit card (Taiwan)
- Banking channel usage: Overall
- Insurance penetration
- Mass affluent preferred channel of acquisition
- Investment Preferences
- Investment sizing
- Investment penetration
- Investment preferences
- Hassle-free investment channels are often a preferred choice of both mass affluents and the mass market in Greater China
- Other investment product penetration
- Offshore investment drivers
- Preferences for new investment provider
- Competitor Benchmarking
- Market shares of banks in China
- Customer tenure and NPS by provider in China
- Cross-selling and bundling to the mass affluent in China
- Market shares of banks in Hong Kong
- Customer tenure and NPS by provider in Hong Kong
- Cross-selling and bundling to the mass affluent in Hong Kong
- Market shares of banks in Taiwan
- Customer tenure and NPS by provider in Taiwan
- Cross-selling and bundling to the mass affluent in Taiwan
- Case study: HSBC Premier
- Appendix
- Methodology
- Secondary sources
Research Assistance
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